Most of my bikes have been 55/56cm/22in, but my current main ride is a 54 CAAD10-5. For my Tri setup I drop the stem and throw on a profile set-forward seat post and a pair of aero bars. I took it out for a first test ride on Sunday and knocked a minute off my
PR for my local 20km out-and-back.
Could I get a better time on a Fuji Aloha 1.1? Maybe/probably. I suspect a pair of aero wheels would make a bigger difference than an aero frame.
I don't have access to wind-tunnel testing to find out if getting my body position any lower would help, but if it can I may pick up an adjustable-angle stem and use that.
It takes about 10 minutes to swap out the saddle and add the bars, so I can ride my same bike on a group ride Saturday and for a tri on Sunday. Whereas if you buy a specailist tri bike, you're really only ever going to use it for tri/TT rides.